Yield Farmer's Workshop! - On Polygon
🚜

Yield Farmer's Workshop! - On Polygon

πŸ”₯ WELCOME FARMERS! πŸ”₯ TIME TO EARN & LEARN!

Last Updated: 6/19/2021

"Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn't, pays it.” - Albert Einstein

The Gameplan

⚑Step 1 - Setting Up Your Crypto Wallet!

⚑Step 2 - Buy Crypto with Fiat & Send to our wallet.

⚑Step 3 - Ethereum To Polygon - Bridge To Yield

⚑Step 4 - Converting MetaMask Into Polygon Wallet

🧠 Tutorials & Strategies

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Let's Do This Thing...

⚑

Yield Farming (adjective) - Using your crypto portfolio / assets to earn rewards and grow your existing stack.

I get a lot of questions on "how can I put my $1,000 to work in DeFi?"

This farming workshop is for any and all beginners to crypto vets who want to start playing with DeFi!

Requirements:

  • $500+ in capital, or existing crypto investments (Ethereum based tokens)
  • Has read through https://www.letsdodefi.com (top section before the tutorials ~20 mins)

⚑Step 1 - Setting Up Your Crypto Wallet!

ℹ️

A wallet is your master key to every DeFi app we will interact with!

  • Metamask is the most popular browser wallet - Download the chrome extension HERE (only works on Chrome, brave, firefox)
  • Metamask is non-custodial! - Keep your seedphrase safe, on paper and digital backed up. Your seedphrase = master key, your password = your session key, which is not that important, you can always reset password using your seedphrase.
  • Metamask is your new bank account.
  • Your wallet address = public... This is where people can send you funds. (starts with 0x...)
  • WRITE DOWN YOUR SEEDPHRASE, STORE IT SOMEWHERE SECURE
  • Congrats! You've just opened your first Ethereum bank account. πŸ₯³

⚑Step 2 - Buying Crypto with Fiat & Sending to our wallet.

ℹ️

A wallet is your master key to every DeFi app we will interact with!

Beware! MetaMask is an Ethereum wallet! Only send Ethereum based tokens
  • Your Metamask wallet address is the destination address.
  • Your Coinbase / Binance / Kraken etc... is the sender.
  • Buy your crypto from the exchange of your choosing.
  • Then "withdraw" from that exchange, sending it to MetaMask address.
  • Centralized Exchanges like Coinbase = Buying crypto with dollars
  • MetaMask = DeFi wallet that interacts with DeFi.

⚑Step 3 - Sending Crypto From Ethereum ➑️ Polygon

πŸ’‘

Ethereum is home base. Polygon is a magical land where transaction fees are basically free. Crypto can be sent across the bridge to and from Ethereum / Polygon

πŸ‘‰

On Ethereum, transaction fees are paid in $ETH cryptocurrency. On Polygon, transaction fees are paid in $MATIC cryptocurrency.

  • Imagine a bridge that goes from Ethereum's network to Polygon's network.
  • We will put our crypto on a bus that crosses that bridge for us.
  • That bus is called Zapper.fi
  • The bus usually takes 5-10 minutes to take your funds from Ethereum island to Zapper island. (be patient)
You can switch your MetaMask back and forth from Ethereum to Polygon wallet by clicking the drop down at the top of your MetaMask, and setting it to either "Ethereum mainnet" or "Matic Network"

Yield Farming Strategies - POLYGON NETWORKπŸ‘¨β€πŸŒΎ 🚜 πŸ€‘

πŸ‘‰

"Farming" yield just means using your working capital or crypto assets to make more money by earning crypto rewards, interest, or both. New farming opportunities pop-up every day, so stay tuned.

⚑

Farming strategies are always changing, and will be always updated! New opportunities, new rewards, keep checking in!

Farming Strategies:

Yield Farming Strategies - ETHEREUM NETWORKπŸ‘¨β€πŸŒΎ 🚜 πŸ€‘

πŸ‘‰

"Farming" yield just means using your working capital or crypto assets to make more money by earning crypto rewards, interest, or both. New farming opportunities pop-up every day, so stay tuned.

⚑

Farming strategies are always changing, and will be always updated! New opportunities, new rewards, keep checking in!

Ethereum Network Farming Strategies

Sending Funds Back To Home Base! (Polygon to Ethereum) 🚌

⭐

Make sure you have some $ETH in your Ethereum wallet ($50+ just in case) so you can pay the checkpoint to get your funds back to home base.

  • Head to https://wallet.matic.network/bridge/ (switch MetaMask to Matic network)
  • "Withdraw" desired token and pay the tiny $MATIC transaction fee to start the process.
  • After process is initiated, wait a bit for it to reach the middle "checkpoint", don't close the window!
  • Once checkpoint reached, switch MetaMask to Ethereum mainnet, and pay $ETH transaction fee.
  • Wait for transaction to complete (few minutes), and then you're all done on your end.
  • Expect funds to take ~ 1 hour tops.
⭐

$MATIC tokens can only be transferred using their own special plasma bridge (this can take up to a week to go from Polygon network to Ethereum. Be patient πŸ™‚

Enjoying This Free Guide?

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